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Jürgen Habermas has recently warned that the sovereign debt crisis in Europe is transforming democratic governments into ‘economic government' threatening not only economic disaster but the end of the world's first supranational project — the European Union. And, according to Habermas,...
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Why do sudden and massive social, economic, and political changes occur when and where they do? Are there institutional preconditions that encourage such changes when present and discourage such changes when absent? In this paper, I employ a general model which suggests that massive equilibrium...
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In this paper, I explore the politically contested association between the degree of capitalism, captured by measures of economic freedom, and the risk and characteristics of economic crisis. After offering some brief theoretical considerations, I estimate the effects of economic freedom on...
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that strong rule of law institutions may ameliorate the possible adverse effects of political and economic crises on … heterogeneous effects depending on the type of crisis and how we measure it. We find that rule of law institutions can control …, armed conflict and civil war, and economic crisis such as currency and debt crisis. …
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